Mining Lease Awarded

RNS Number : 1054D

Goldstone Resources Ltd

14 February 2020

 

14 February 2020

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Mining Lease Awarded

GoldStone Resources Limited (AIM: GRL), the West and Central Africa focused gold exploration and development company quoted on AIM, is pleased to announce that, further to its announcement of 20 November 2019, it has now been formally awarded the mining lease on the Akrokeri and Homase Licences for the Homase South Pit and land for the plant and process operation near the town of Obuasi in the Ashanti Gold Belt, Ghana, West Africa.

As set out in the announcement of 20 November 2019, the lease represents an important step in the Company's goal of bring the Akrokeri-Homase Gold Project into production, with the Homase South Pit being the first of the three pits along the Homase Trend which GoldStone will, subject to funding, seek to bring into production at the earliest opportunity.

The ten (10) year lease, in accordance with the Minerals and Mining Act, 2006 (Act 703), was officially granted by the Government of Ghana through Ministerial decree in conformity with the Company's request.  The lease can be renewed and/or extended to include additional pits along the Homase Trend.

Emma Priestley, Chief Executive Officer, commented: "We are very pleased with the efforts and professionalism demonstrated by the Government of Ghana in support of this project.  We see this as a reflection of a jurisdiction that recognises the importance of encouraging the development of its mineral resources.  With the receipt of the mining lease, we will now work closely with the Minerals Commission and the Environmental Protection Authority to finalise the environmental permit in accordance with the environmental regulations.

I look forward to keeping shareholder updated as we continue to move forward with the advancement of the Akrokeri-Homase Gold Project."

For further information, please contact:

GoldStone Resources Limited
Emma Priestley	Tel: [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	Tel: [phone]
SI Capital Limited
Nick Emerson	Tel: [phone]
St Brides Partners Ltd
Catherine Leftley / Juliet Earl	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold exploration and development company with projects in Ghana and Senegal that range from grassroots to advanced exploration.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000 oz gold resource at an average grade of 1.77 g/t.  The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

The project hosts two former mines, the Akrokeri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,500 oz gold at 2.5 g/t recovered.  It is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

 

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